Federal Income Taxes

By Ryan Coon, CEO and co-founder of Rentalutions
While the unusually fast push-through of the Tax Cuts and Jobs Act raised eyebrows around the country, potential real estate investors have reason to cheer now that it’s passed. The law, which will affect the taxes we file for 2018 (meaning those we submit in 2019) through

Congratulations! You have just been handed your first little bundle of joy in the hospital and have embarked on the long journey of parenthood. It is a trip full of joyful experiences that make the corresponding aggravations worthwhile, and it comes with many benefits — some of which are tax-related. You can look forward to

Every direct employee of a company receives a W-2 form in January. The W-2 is the base document that defines your tax obligations, so it is important that you review and understand yours. However, some people are confused by some of the form’s numbers — for example, why the wage listed on a W-2 form

The 2017 Tax Cuts and Jobs Act will bring significant changes to individual taxpayers, but states will also be affected by some of the law’s provisions. The limitation on deductions for state and local taxes has grabbed the most headlines, because by definition, it affects taxpayers in states with high property values and high taxes

Should you itemize deductions or take the standard deduction for tax year 2017 (the taxes you will file in early 2018)? Either path may be right for you, but don’t just assume the standard deduction is your best option. With today’s sophisticated tax software, it’s relatively easy to calculate your itemized deductions and see if

The Earned Income Tax Credit (EITC) is a program designed to provide tax relief for American workers with low-paying jobs. Could you qualify for this tax credit? If you have a relatively low income, take some time to find out.
Earned Income Tax Credit Qualification Some eligible taxpayers miss out on EITC savings because they

What sort of structure makes the most sense for your small business – a corporate structure or a sole proprietorship? If neither structure fits you well, perhaps the best choice for you is a Limited Liability Company (LLC) – a structure that represents a middle ground between a regulated corporate structure and a simplified sole

Tax Season Arrives In January Are you ready for tax season? Ready or not, tax season, defined as the first day that the IRS accepts tax forms to the tax filing deadline, will be here soon.
For the 2018 filing season (covering the 2017 tax year), tax season begins on Monday, January 19 and ends

Charitable giving is one of the most popular (and fulfilling) ways to save on your taxes. Not only does it make you feel good to help others, but end-of-year charity donations can also help you save on your taxes — if you do it correctly. To help you with your giving efforts, the IRS offers

The holiday season is full of plans and activities that make December incredibly hectic. Late federal tax legislation is making it even more so. If you are the average American, tax considerations and financial adjustments are pretty low on your holiday to-do list. However, you are not the average American — you enjoy saving money,

As a retiree, how do you plan to spend your Christmas? You may be visiting or hosting family for the holiday, preparing for a special vacation, or simply relaxing and enjoying your pastimes and hobbies. Whatever you choose to do, make some time before the holiday begins to assess your finances and avoid potential tax

How do you adjust the U.S. tax system so that everybody pays his or her fair share? That argument has been going on for as long as taxes have been collected – because it’s very difficult to get everyone to agree on the definition of a fair share. Not everyone receives benefits proportionate to the

Charity at holiday time means more than just putting your change into the traditional red buckets at the entrances to big-box stores. Needs at the holidays are even more pressing on families, with cold weather approaching and stress over whether they can provide any sort of meaningful holiday for their loved ones.
While traditional holiday

If you are attempting to buy a home on a low or intermediate income, you need every bit of help that you can get. Mortgage credit certificates are one of the lesser-known ways that the federal government can help.
A mortgage credit certificate (MCC) is essentially a form of tax savings. The mortgage interest that

Cut, Cut, Cut After a short delay and with significant fanfare, the House of Representatives released the Republican tax reform plan last Thursday. The Tax Cuts and Jobs Act – or, if you prefer the Trumpian term, the “Cut Cut Cut Act” – represents an ambitious attempt to change the tax code in a way

MoneyTips Fall is here. It’s time for thinking about cooler weather, Thanksgiving, falling leaves – and taxes? While Congress debates changes to our tax codes, a few hours spent on your taxes now can produce benefits in April with the savings of both time and money. The following tips may be able to help you

Time’s Running Out If you received an extension of time to file your taxes this year, hopefully you made good use of it – because the due date is fast approaching. Monday, October 16, is the filing deadline.
Did you squander your extension time? If so, you’re probably out of luck. The IRS generally only

If you have been the victim of a disaster such as a fire, tornado, or the recent Hurricanes Harvey or Irma, you know that the last thing on your mind is how it will affect your taxes. Unfortunately, if you forget to take timely action on your taxes, your misery could be compounded. Depending on

Are you planning on joining the gig economy and becoming self-employed? Are you embarking on retirement after years with a traditional employer? We wish you the best, and, along with the IRS, we remind you to pay your quarterly income taxes.
Without an employer to submit payments regularly out of your paycheck, you are now

Few things are more frightening than opening your mailbox and finding a letter from the Internal Revenue Service. You may wrack your brain wondering what you’ve done to receive an IRS notice. But there’s no need to pretend it didn’t arrive, or go on the lam.
Relax. The IRS sends out millions of letters each

In a recent survey, more people than not believe that President Trump will lower business taxes, but the same wasn’t true for their own personal taxes. On other critical issues in the news, Americans are torn, but not Trump voters.
As our government acts on repealing ObamaCare, with restructuring our antiquated tax system on deck,

You have bought an expensive new toy in expectation of your tax refund, and are now desperately waiting for the refund to arrive before the repo man and his large friend Vito come to visit. How can you find out the status of your refund at any time to estimate whether you need to make

It all looks so obvious in hindsight. Make a $500 deposit and your money will grow 18% in 10 days. You can receive a $1,500 loan by MoneyGram if you pay $170 for fees and insurance. A driveway sealer happens to be driving by and offers to coat your driveway for a low price. You

It can be difficult to tell myth from fact when it comes to tax refunds. The IRS would like to help you by clarifying some tax return myths, and we are happy to help the IRS achieve their goal.
Let’s start by clearing up the 5 top myths about tax returns as listed by the

Did you end up owing a boatload of money to the IRS at tax time without having the money to pay for it, or did you receive a large refund? While the former is a lot more unpleasant than the latter, they are both symptoms of bad tax planning. A big refund feels good until

Instead of enjoying a tax refund this year, you are surprised to find that you owe Uncle Sam. Even worse, you do not have the money to pay these surprise taxes. What can you do?
One thing you definitely do not want to do is ignore the tax bill. That will only make your situation

Examples of really bad ideas: Forgetting your spouse’s birthday or your anniversary, do-it-yourself brain surgery, and forgetting to file your federal tax return or pay your federal taxes. You may be short on the cash to pay your taxes, but there are better ways to address your tax problem than avoiding it entirely.
The IRS

It is rumored that some of the wealthiest Americans manage to pay less in taxes than some of their employees. They achieve this by one of two methods: doing their own financial and tax planning or paying someone to do it for them. Simple, isn’t it?
The point is that the rich are able to

If you are preparing to sell your home, taxes are probably not the first thing on your mind — and they probably shouldn’t be. However, when tax time does roll around, you need to understand what effects your home sale will have on your taxes.
Generally, profits from the sale of your primary home are

Contributing to a retirement account can be difficult for lower income households, but one can argue that it is even more important for those families to take advantage of all the retirement savings options that are possible. One of the lesser-known options applies directly to lower-income families – the retirement savings tax credit. Note that